8-K: RPC, Inc. Appoints Oilfield Services Veteran Gary Kolstad to Board of Directors

RPC, Inc. announced the appointment of Gary Kolstad, an experienced oilfield services executive, as an Independent Director to its Board, effective July 14, 2025.

Summary

• RPC, Inc. appointed Gary Kolstad as an Independent Director to its Board of Directors, effective July 14, 2025.
• Mr. Kolstad will receive compensation on the same basis as other non-employee directors.
• He has not been appointed to any board committees at this time.
• No reportable transactions exist between Mr. Kolstad and the Company under Item 404(a) of Regulation S-K, and no arrangements or understandings influenced his selection as a director.
• Mr. Kolstad holds a B.S. Degree in petroleum engineering from Montana Technological University and studied Psychology and Engineering at Montana State University-Bozeman.
• His career includes extensive experience in various oilfield services positions at a large, international oil and gas services company, and he has served as Chairman and CEO of both public and private companies.
• Currently, Mr. Kolstad holds multiple Advisory Board Member and Investor positions.

Sentiment

Score: 7

Explanation: The appointment of an experienced independent director is a positive step for corporate governance and strategic oversight, indicating a proactive approach to board composition. It's not transformative but adds value.

Positives

• The appointment of Gary Kolstad as an Independent Director enhances corporate governance and board independence.
• Mr. Kolstad brings extensive industry experience, including a long career in oilfield services and leadership roles as Chairman and CEO of public and private companies, which is highly relevant to RPC, Inc.'s operations.
• His background in petroleum engineering and current advisory/investor roles provide valuable strategic and operational expertise to the board.
• Richard A. Hubbell, Chairman of the Board, expressed confidence that Kolstad's industry experience will be beneficial to the board's future contributions.

Future Outlook

RPC, Inc. anticipates that Gary Kolstad's extensive industry experience will be beneficial and contribute significantly to the board in the years ahead.

Management Comments

• "Gary Kolstad's industry experience has been beneficial to the boards on which he has served. We look forward to his contributions to our board in the years ahead." Richard A. Hubbell, Chairman of the Board of RPC, Inc.

Industry Context

The appointment of Gary Kolstad, a veteran with a long career in various oilfield services positions and leadership roles in oil and gas companies, reinforces RPC, Inc.'s commitment to leveraging deep industry expertise. This move aligns with the specialized nature of the oilfield services sector, where operational experience and strategic insight into exploration, production, and development of oil and gas properties are crucial for navigating market dynamics and technological advancements.

Comparison to Industry Standards

• The appointment of an independent director with deep industry experience is a standard corporate governance practice for publicly traded companies in the oil and gas services sector, aiming to enhance oversight and strategic guidance.
• While no specific comparable companies or projects are mentioned, the emphasis on "industry experience" for board members is a common theme across the sector, seen in companies like Schlumberger, Halliburton, or Baker Hughes, where board composition often reflects a blend of financial, operational, and technical expertise relevant to the energy industry.

Management Changes

Corporate Governance

Related Party Transactions

• No transactions between Mr. Kolstad and the Company that would be reportable under Item 404(a) of Regulation S-K were disclosed.
• No arrangements or understandings with any persons pursuant to which he was selected as a director were disclosed.

Stakeholder Impact

• Shareholders: Benefit from enhanced corporate governance and the addition of an experienced independent voice to the board, potentially leading to better strategic decisions and oversight.
• Management: Gains an experienced advisor and overseer on the board.
• Employees: Indirectly benefit from stronger leadership and strategic direction.

Next Steps

• Gary Kolstad will begin his tenure as an Independent Director.
• His contributions to the board are anticipated in the years ahead.
• Potential future appointment to board committees.

Key Dates

Keywords

RPC Inc., RES, Board of Directors, Independent Director, Gary Kolstad, Oilfield Services, Corporate Governance, SEC Filing, 8-K, Petroleum Engineering, Energy Sector